2025年9月，蔚来公司(09866)交付新车34,749台，同比增长64%。其中，蔚来品牌交付新车13,728台；乐 道品牌交付新车15,246台；firefly萤火虫品牌交付新车5,775台。截至目前，蔚来公司已累计交付新车 872,785台。其中，蔚来品牌累计交付新车762,176台；乐道品牌累计交付新车90,279台；firefly萤火虫品 牌累计交付新车20,330台。 "新三大件"构筑护城河，体系进化驱动价值兑现 蔚来的高研发投入在业内闻名。十年间，蔚来在研发层面已累计投入超过600亿元，取得近万项全球专 利。每个季度约30亿元的稳定研发强度，构建了蔚来技术的深厚底蕴。2025年，这些投入开始进入规模 化收获期。 蔚来创始人、董事长、CEO李斌在2025上海车展首次提出了智能电动汽车的"新三大件"——智驾芯片、 全域操作系统和智能底盘。李斌认为，这三大核心技术决定了智能汽车的体验上限和安全上限，而蔚来 在智能汽车"新三大件"上取得的研发成果，正逐渐成为蔚来技术护城河的核心支柱。 全球首颗量产5纳米智驾芯片"神玑NX9031"的装车，具有行业里程碑意义。它不仅实现了"一颗顶四 颗"的超强算力，更意味 ...

一方面，这一里程碑式的成绩，源于蔚来对智能电动汽车产业发展规律的深刻洞察和坚定践行。蔚来创 始人、董事长、CEO李斌指出，汽车产品的竞争力根植于技术路线、产品规划和产品定义。蔚来正是在 这三大核心要素上坚持长期主义，勇于投入，并及时根据用户需求进行调整优化，最终形成了能够持续 推出爆款产品、赢得用户青睐的强大体系能力。 另一方面，历经多年在技术、产品和基础设施上的深耕与积累，蔚来已成功跨越关键拐点，企业运营进 入健康、可持续的快车道，迎来新一轮增长周期。 "新三大件"构筑护城河，体系进化驱动价值兑现 蔚来的高研发投入在业内闻名。十年间，蔚来在研发层面已累计投入超过600亿元，取得近万项全球专 利。每个季度约30亿元的稳定研发强度，构建了蔚来技术的深厚底蕴。2025年，这些投入开始进入规模 化收获期。 蔚来创始人、董事长、CEO 李斌在 2025 上海车展首次提出了智能电动汽车的"新三大件" ——智驾芯 片、全域操作系统和智能底盘。李斌认为，这三大核心技术决定了智能汽车的体验上限和安全上限，而 蔚来在智能汽车"新三大件"上取得的研发成果，正逐渐成为蔚来技术护城河的核心支柱。 全球首颗量产5纳米智驾芯片"神玑NX ...

来源：蔚来汽车官方 2025年的开局，对蔚来而言并不轻松。销量承压、财务紧绷，资本市场和用户信心一度双双下滑，外界 甚至怀疑这家公司能否撑过又一个周期。与2019年的那次"至暗时刻"不同，这一次更像是一场"周期性 的再考试"——十年磨一剑的蔚来，能否用过去的投入和积累支撑起新的增长逻辑？ 也正因如此，2025年被视作蔚来必须交出答案的一年。过去十年，蔚来始终以长期主义和用户企业文化 自我定位，强调"慢就是快"，但在一个卷到极致的市场，慢的代价就是被边缘化。于是，摆在蔚来面前 的问题变得尖锐：坚持是否还能换来未来？投入是否真的能够转化为竞争力？ 答案，留在了9月20日的NIO Day。与其说这是一场新品发布，不如说是一份复盘报告、一份战略宣 言。主题"生长"看似温柔，却藏着一丝锋芒：它既回应了外界对蔚来能否重回增长的追问，也是在向资 本市场释放信号——这家公司并没有被击倒，而是正在完成"二次进化"。 所谓二次进化，不是单纯意义上的东山再起，而是一次更深层的自我更新。 从"讲故事"到"拼体系"，从"靠情怀"到"靠兑现"，蔚来正在经历一场角色转换。它不再是那个依赖叙事 拉动股价的新势力，而是要用技术积累、产品兑现和 ...

中国基金报记者 邱德坤 9月21日，蔚来公司创始人、董事长兼CEO李斌等高管召开媒体见面会，向中国基金报等媒 体回应了全新ES8售价下探、纯电大三排SUV发展前景、汽车行业网络生态治理等事项。 来源：中国基金报记者拍摄 李斌回应全新ES8售价下探 提示技术、规模、效率整体提升 9月20日晚间，蔚来公司宣布全新ES8整车购买价40.68万元起，采用BaaS电池租用方式购 买价29.88万元起，相比预售价均下降1万元。 【导读】蔚来李斌回应全新ES8售价下探，定价逻辑没有从价格战角度考虑 全新ES8自9月21日起交付，但是其租电版售价下探至30万元以下，引发外界关注蔚来公司 是否在"卷价格"。 对比可见，蔚来公司此前推出第一代ES8售价44.8万元起，第二代ES8售价超50万元。 李斌表示，蔚来公司销售全新ES8有合理毛利，外界不用担心不赚钱，也没有从价格战的角度 去做这个事情。 随即，李斌详细介绍了前两代ES8售价较高的原因：第一代ES8推出时有国补，用户实际购买 价低于40万元；第二代ES8的生产成本较高，包括当时电池价格较高，以及采用多项全球首 发技术。 全新ES8能够给出上述售价的原因，与乐道L90整车购 ...

Core Viewpoint - NIO has demonstrated exceptional fundraising capabilities, accumulating over 140 billion RMB in 2023 alone, and a total of over 150 billion RMB since its inception, significantly outpacing competitors like Xiaopeng and Li Auto [7][18]. Fundraising Success - NIO's recent fundraising efforts include 7.1 billion RMB through various channels, including a 40.3 billion HKD fundraising in March and strategic investments from partners like CATL [7][8]. - The company has attracted investments from prominent global institutions, indicating strong confidence in its future prospects [8]. Leadership and Network - Li Bin, the founder of NIO, has a robust network of influential investors, including major figures from Tencent, Xiaomi, and JD.com, which has facilitated NIO's fundraising efforts [9][12]. - Li Bin's personal investment of 1.5 billion USD at the company's inception showcased his commitment and helped build investor trust [14][16]. Financial Challenges - Despite its fundraising success, NIO faces significant cash flow challenges, with a cash reserve of 27.2 billion RMB insufficient to cover short-term liabilities of 34.9 billion RMB [27][28]. - The company is under pressure to achieve operational profitability by Q4 2024, with specific targets for vehicle deliveries and gross margins [29][30]. Technological Advancements - NIO has invested over 60 billion RMB in R&D since its establishment, maintaining a strong focus on product development and innovation [20]. - The successful development of its self-designed 5nm automotive-grade chip, which can significantly reduce vehicle hardware costs, positions NIO favorably in the competitive landscape [22][23]. Market Position and Strategy - NIO's battery swap business model is a key differentiator, with plans to expand its network of battery swap stations, which have already shown signs of profitability in mature markets [24]. - The company aims to leverage its technological advancements and strong brand ecosystem to attract continued investment and support from the capital markets [25][26].

Core Viewpoint - The NIO ES8, a new large SUV, has been officially launched and is now available for pre-order, showcasing significant upgrades in space and experience compared to its predecessor [4][6]. Group 1: Product Features - The new ES8 has been upgraded from a mid-size SUV to a large SUV, featuring a length of 5280mm and a wheelbase of 3130mm, making it the largest pure electric SUV in China [4][6]. - It offers two seating configurations: six-seat and seven-seat, with a cabin area of 6.2 square meters, the largest in its class [4]. - The vehicle includes a unique air suspension system that can lower the vehicle by 50mm in 7 seconds, facilitating easy entry and exit [4][6]. Group 2: Interior and Design - The exterior design features a signature floating roof and the largest flat side windows in its class, while the interior boasts a wrap-around cockpit layout with ambient lighting extending to the trunk [4]. - The ES8 is equipped with three zero-gravity seats as standard in the six-seat model, a first in its class [4]. Group 3: Intelligent Technology - The vehicle is powered by NIO's self-developed smart driving chip NX9031 and Qualcomm Snapdragon 8295, providing high computational power and integration [5]. - The AQUILA system includes 31 high-performance sensing hardware components, enabling 360-degree perception with a maximum sensing range of 400,000 square meters [5]. Group 4: Performance and Powertrain - The ES8 features a new 900V high-voltage architecture, standard 102kWh battery, and dual motors producing a peak torque of 700N·m, achieving 0-100 km/h in just 3.97 seconds [6]. - The vehicle has undergone 122 aerodynamic optimizations, achieving a drag coefficient as low as 0.259 and a CLTC comprehensive range of 635 kilometers [6].

Core Viewpoint - NIO is aggressively pursuing profitability by implementing a low-price strategy across its vehicle lineup, including the new ES8 model, to boost sales and revenue amid financial challenges [2][3][4]. Pricing Strategy - NIO has reduced the pre-sale price of the new ES8 to 416,800 RMB, with a starting price of 308,800 RMB when using the BaaS battery rental scheme, marking a decrease of 81,200 RMB compared to the previous model [3][4]. - The pricing strategy aims to attract more customers and increase sales volume, which is crucial for the company's financial health [3][4]. Financial Performance - NIO's Q1 2025 financial report showed a revenue of 12.035 billion RMB, a year-on-year increase of 21%, with vehicle deliveries reaching 42,094 units, up over 40% [6][7]. - Despite revenue growth, NIO reported a net loss of 6.75 billion RMB, a 30.2% increase in losses compared to the previous year, indicating ongoing financial strain [6][9]. - As of March 31, 2025, NIO's current liabilities exceeded current assets, and shareholder equity was negative, highlighting a precarious financial position [11][10]. Sales Goals - NIO aims to achieve a monthly sales target of 50,000 units in Q4 2025, with 25,000 units from the NIO brand and 25,000 units from the new Lada brand [4][6]. - In July 2025, NIO delivered a total of 21,017 vehicles, falling short of the ambitious sales target [4]. Cost Management - NIO is undergoing significant cost-cutting measures, including reducing R&D expenses to 2-2.5 billion RMB while maintaining current R&D intensity [21][22]. - The company is also tightening marketing expenses and implementing stricter employee time tracking to enhance operational efficiency [23][21]. Market Position and Competition - The launch of the Lada L90 has positioned NIO competitively in the market, with a significant price advantage over similar models, leading to strong initial sales [27][26]. - The success of the Lada L90 is seen as a potential indicator for the new ES8's performance in the market [27][26].

Core Points - The U.S. government has reached a special arrangement with Nvidia and AMD, requiring them to pay 15% of their chip sales revenue in China to the government in exchange for export licenses for specific chips like H20 and MI308 [1][2][3] - This arrangement is unprecedented in the U.S. and reflects a transactional approach where companies pay for export permissions, aligning with the Trump administration's pattern of conditional exemptions [3][4] Summary by Sections Arrangement Details - Nvidia and AMD agreed to pay 15% of their sales revenue from China to the U.S. government to obtain export licenses for their respective chips [2][3] - The U.S. Department of Commerce began issuing H20 export licenses shortly after a meeting between Nvidia's CEO Jensen Huang and President Trump [3][4] Financial Implications - Analysts estimate that Nvidia could sell 1.5 million H20 chips in China by 2025, generating approximately $23 billion in revenue, leading to a payment of about $3.5 billion to the U.S. government [4][5] - The arrangement effectively turns export licenses into a revenue-generating tool for the U.S. government, which has raised concerns among experts about the implications for U.S. technological leadership [6][7] Background Context - The H20 chip is a downgraded version of Nvidia's AI chip, specifically designed for the Chinese market after previous export restrictions were imposed [4][5] - The timing of this agreement is sensitive, coinciding with ongoing U.S.-China trade negotiations, where China is pressuring for relaxed restrictions on high-bandwidth memory chips [6][7] Strategic Considerations - The arrangement merges trade and technology issues, which traditionally have been treated separately in U.S. policy [11][12] - Trump's administration views trade as a security issue, integrating economic and technological considerations into negotiations with China [14][15] Future Outlook - The U.S. may adopt a more nuanced approach to technology export controls, balancing the need to maintain technological superiority while also ensuring revenue generation for the government [24][25] - The long-term implications of this arrangement could lead to increased dependency of Chinese companies on U.S. technology, while also fostering a competitive environment for domestic alternatives [20][21]

Core Viewpoint - The U.S. government's increasing export controls on high-tech products, particularly chips, is prompting Chinese automotive manufacturers and chip companies to accelerate the development and adoption of domestic solutions to replace foreign chip suppliers like NVIDIA [1][2]. Industry Trends - Chinese automotive manufacturers, including XPeng and NIO, are now integrating self-developed chips into their latest models, moving away from reliance on NVIDIA [1]. - At least 10 Chinese chip companies are focusing on the automotive market, with firms like Horizon Robotics, Huawei HiSilicon, and others rapidly emerging to serve domestic automakers [1]. - Major Chinese chip foundries, such as SMIC, are benefiting from this trend, with automotive and industrial application chips now accounting for 10% of their revenue, up from less than 3% three years ago [1]. Market Share and Projections - According to estimates, the share of domestic brands in the total supply of automotive chips in China is expected to rise from approximately 9% in 2024 to between 15% and 20% in 2025, potentially reaching 50% within five years when including self-developed chips [5]. - Horizon Robotics is emerging as a significant competitor to NVIDIA in the smart driving market, currently serving over 40 automakers and covering more than 310 vehicle models [5][7]. Competitive Landscape - The competition in the automotive chip market is intensifying, with companies like NXP, Renesas, and Infineon facing challenges from the rise of domestic players [7]. - Horizon Robotics has gained a leading market share of 33.97% in the L0 to L2 level smart driving solutions market in China, surpassing competitors like Mobileye and NVIDIA [7]. Technological Advancements - Chinese companies are making strides in producing advanced automotive chips, with products like the "Starry Sky No. 1" high-level auxiliary driving chip achieving mass production and meeting international standards [8]. - The self-sufficiency rate of microcontroller (MCU) chips in China is projected to increase significantly, from 19% in 2024 to 67% by 2030, indicating a strong trend towards domestic production [9][11]. Future Opportunities - The rapid electrification and digitalization of Chinese automobiles are creating opportunities for new companies focused on designing logic chips for infotainment systems and autonomous driving features [11].

Core Viewpoint - Leap Motor achieved a significant milestone in July with total deliveries reaching 50,129 units, marking a year-on-year growth of over 126% and entering the Fortune China 500 list for the first time [1] Group 1: Sales Performance and Strategy - The C series SUV, dubbed the "half-price Ideal," has been the main driver behind Leap Motor's soaring sales, replicating the smart and comfortable experience of competitors in the 150,000 to 200,000 yuan price range [2] - Leap Motor has effectively utilized a high cost-performance strategy to target the lower-tier market, leading to four consecutive months at the top of the new forces sales rankings [2] - The B01 model achieved over 10,000 orders within 72 hours of its launch, further solidifying Leap Motor's market position [2] Group 2: Cost Control and R&D - Leap Motor's "high configuration at low prices" model requires exceptional cost control capabilities and a robust self-research system, which are challenging to replicate [3] - The company has a high rate of technical reuse and parts sharing, with up to 80% shared components among its C series models, and potentially 88% for the B series [8] - Leap Motor has achieved 65% self-research and manufacturing of core components, significantly reducing costs compared to outsourcing [8][9] Group 3: Market Positioning and Challenges - Despite its success in the cost-performance segment, Leap Motor faces significant challenges in gaining acceptance for its models priced above 300,000 yuan [4] - The company is cautious about being labeled as a ride-hailing brand, which could harm its high-end product aspirations [15] - Leap Motor's strategy includes a gradual transition from lower-priced models to higher-end offerings, with the C series serving as a stepping stone for the upcoming D series [17] Group 4: Future Outlook - The D series is positioned as a full-size SUV with advanced technology, but consumer interest in models priced above 300,000 yuan appears limited, with many believing that the D series should be priced below 250,000 yuan for better sales [18] - The market response indicates that despite preparations, Leap Motor may encounter resistance in moving up the price ladder, making it increasingly difficult to enhance profit margins after reaching cost reduction limits [19]